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12-month change:

1. The Consumer Price Index (CPI) rose 1.5% in the 12 months to January, following a 1.2% increase in December.
2. The year-over-year increase in the CPI was led by higher shelter costs, which rose 2.1% in January. This followed a 1.9% gain in December.
3. Of the eight major components, seven recorded gains in the 12 months to January. In addition to higher shelter costs, price increases for transportation and for food contributed the most to the rise in the CPI. The health and personal care index was the only component to decline on a year-over-year basis in January.
4. Consumer prices rose at a faster year-over-year rate in January compared with December in six provinces. The largest acceleration was observed in Alberta, followed by Manitoba. New Brunswick was the only province to post a smaller year-over-year increase in consumer prices in January than in December. British Columbia recorded no year-over-year change in its CPI for the second consecutive month.

Month-to-month change:

1. On a seasonally adjusted monthly basis, the CPI rose 0.2% in January, matching the increase in December.
2. On a monthly basis and before seasonal adjustment, the CPI rose 0.3% in January, after declining 0.2% in December.

Bank of Canada’s Core Index:

1. The Bank of Canada’s core index rose 1.4% in the 12 months to January, after increasing 1.3% in December.